Revolut vs. Wise: The Quick Verdict
Before we dive deep, here's the bottom line for busy entrepreneurs:
Choose Wise if: Your top priority is sending and receiving money internationally at the lowest possible cost with maximum transparency. The ability to get local bank details in major currencies (like USD, EUR, and GBP) is a game-changer for getting paid by clients without fees.
Choose Revolut if: You're looking for a feature-rich, mobile-first banking alternative. If you want one app to manage spending, savings, team cards, and even investments, and you frequently transact between the 28+ supported currencies, Revolut offers a powerful, integrated solution.
What is Revolut? The Financial Super App
Founded in 2015, Revolut's mission is to be the "one app for all things money." With over 500,000 business users, it has expanded far beyond simple money transfers into a comprehensive financial platform. It aims to make your business account feel local, no matter where you are in the world.
How Revolut Works for Nomads
Revolut operates on a subscription-based model with tiered plans (including a free option). It offers mobile-focused borderless accounts where you can hold and exchange 28+ currencies. All payments between Revolut users are instant and free.
Local Accounts: Get local account details in GBP and USD to receive payments easily.
FX Rates: Exchange currency at the interbank rate during the week (with markups on weekends).
Prepaid Cards: Issue company debit and expense cards to your team (up to 20 per team) for global spending.
Extra Features: Paid plans unlock benefits like fee-free ATM withdrawals, savings vaults with interest, and even overseas medical insurance.
Business API: Connect Revolut to your other business apps for seamless integration.
Revolut Fees & Pricing
Revolut's pricing can be complex. While it offers free plans for freelancers and businesses, your transaction allowances are limited. Once you exceed them, fees apply.
Monthly Plans: Range from $0 to $149.99+ depending on your needs.
Transaction Fees: After your free allowance is used, local payments cost ~$0.20 and international payments ~$3.
Hidden Costs: Be aware of a 1% FX markup on weekends and a 0.5% "fair usage" fee for currency exchanges over £1,000/month on the free plan.
Pros & Cons of Revolut
Pros
Easy to hold and exchange multiple currencies.
Excellent real-time exchange rates on weekdays.
Rich with features beyond just transfers (savings, insurance).
Fast and responsive in-app chat support.
Cons
Overzealous security can lead to suddenly frozen accounts.
Fee structure can be confusing with weekend and fair-usage charges.
Does not hold a full banking license in all regions (though has a European one).
What is Wise? The King of Low-Cost Transfers
Launched in 2011 as TransferWise, Wise was built on a single vision: to make international money transfers cheap, fair, and simple. It bypasses traditional banking systems to save users on fees and time, and it has built a rock-solid reputation for transparency.
How Wise Works for Nomads
Wise's killer feature for any digital nomad or online business is its multi-currency account. It's an electronic money account, not a traditional bank account, designed specifically for cross-border transactions.
True Local Bank Details: Get your own account numbers, IBANs, and routing numbers for 10 currencies (including USD, EUR, GBP, AUD, CAD). This means clients can pay you like a local, and you receive the full amount without exorbitant wire fees.
Mid-Market Exchange Rate: Wise always uses the real mid-market exchange rate (the one you see on Google) with no markup, ever.
Transparent Fees: You see the small, upfront fee before you ever hit 'send'.
Hold 50+ Currencies: Manage balances in over 50 currencies for free.
Wise Debit Card: Spend your balances anywhere in the world with low conversion fees.
Wise Fees & Pricing
Wise prioritizes a pay-as-you-go model over subscriptions. Its fee structure is famously transparent.
Account Setup: A one-time fee of $31 to get your set of 10 local bank details. Holding money is free.
Receiving Money: Free for all 10 currencies (except for USD wire transfers, which have a fixed $4.14 fee).
Sending Money: A small, variable fee that depends on the amount, currency, and payment method. The cost is always shown upfront.
Pros & Cons of Wise
Pros
Extremely low fees and transparent pricing.
Always uses the mid-market exchange rate with no markups.
Local bank details in 10 currencies are a massive advantage.
User-friendly and straightforward app/dashboard.
Cons
Customer support can be slow to respond.
Fewer 'banking' features compared to Revolut (no savings vaults, insurance, etc.).
Does not have a banking license, but is regulated by the FCA in the UK and other global bodies.
Revolut vs. Wise: Head-to-Head Comparison
Feature | Revolut | Wise |
|---|---|---|
Best For | All-in-one banking & frequent currency exchange | Low-cost, transparent international transfers |
Receiving Cost | Free within plan allowance, then ~$3 for international | Free (except $4.14 for USD wire) |
Exchange Rate | Interbank rate (but 1% markup on weekends) | True mid-market rate (no markup) |
Transfer Speed | 3-5 days (can be faster) | 0-2 days (often instant) |
Currencies You Can Hold | 28+ | 50+ |
Local Bank Details | GBP & USD | 10 currencies (USD, EUR, GBP, etc.) |
Security | European Banking License; some user reports of frozen accounts | Regulated by FCA (UK) and other global authorities; low-risk |
Tax Reporting | Does not report to tax authorities; user is responsible | Does not report to tax authorities; user is responsible |
